Postal Service’s Last Chance: Stamp Price Surge

The United States Postal Service wants to raise postage prices by almost 8 percent. They’ve been increasing stamp prices for three years. If approved, the new prices would start in July. For example, a Forever stamp would go up to 73 cents from 68 cents.

The cost of a domestic postcard would also rise to 56 cents from 53 cents. These changes are part of a 10-year plan to deal with projected losses of $160 billion. They aim to slow some deliveries and increase prices to help cover the losses.

The Postal Service has had money problems for years. They have to set aside money for retiree health care ahead of time. Also, not as many people are sending mail anymore. The Postal Service doesn’t get money from taxes.

On Tuesday, they suggested raising prices. But first, the Postal Regulatory Commission in Washington needs to approve it. They watch over the Postal Service.

Also Read: Jamie Dimon’s Powerful Economic Warning

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